Georgia Capital (LSE: CGEO)

Last close As at 22/02/2024

GBP11.98

34.00 (2.92%)

Market capitalisation

GBP512m

Georgia Capital focuses on scalable private equity opportunities in Georgia. These opportunities have the potential to reach an equity value of at least GEL300m over the next three to five years and the company can monetise investments through exits as investments mature.

Latest Insights

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Investment Companies | Update

Georgia Capital — Successful bond refinancing improves risk profile

Investment Companies | Update

Georgia Capital — Staying on course

Investment Companies | Review

Georgia Capital — Nearing deleveraging target

Investment Companies | Update

Georgia Capital — Benefiting from strong macro tailwinds in Georgia

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Michal Mordel

Analyst, Investment trusts

Key Management

  • Giorgi Alpaidze

    CFO

  • Irakli Gilauri

    Chairman & CEO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 12.17 19.56 46.1
Relative 9.48 16.44 52.02
52 week high/low 1198.0p/737.0p

Overview

Georgia Capital (GCAP) delivered positive newsflow during August, including the successful pricing of its new sustainability-linked bond (with proceeds used to redeem the 2024 Eurobond), as well as its Q223 results release, with a robust 8.2% NAV total return (TR) in GEL terms posted during the quarter. We believe that the successful bond refinancing, coupled with continued deleveraging at holding level (net capital commitment ratio of 17.4% at end-June 2023) further reduces GCAP’s risk profile. Despite the above, GCAP’s shares are still trading at a relatively wide c 58% discount to its ‘live’ NAV estimate.

Research

Update

Investment Companies

Georgia Capital — Benefiting from strong macro tailwinds in Georgia

Update

Investment Companies

Georgia Capital — NAV per share stable in local currency in Q222

Review

Investment Companies

Georgia Capital — A portfolio of market leaders in Georgia

Review

Investment Companies

Georgia Capital — Value creation on the back of macro recovery

Review

Investment Companies

Georgia Capital — Solid positive revaluations in Q420

Initiation

Investment Companies

Georgia Capital — A private equity play on Georgia

Thematics

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